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Edelweiss Technical Reflection (ETR)
§ Nifty ended marginally in the red after an extremely choppy session that saw the Nifty oscillating 100 points in either direction. It has also managed to stay above the 5690 November low mitigating short-term downside risks. The last hour saw frantic covering activity which is likely to continue in today’s session as well. Hourly oscillators have rolled bullish from oversold territory, while the daily oscillators are in sell mode. Market breadth was in favor of declining stocks but has improved from the previous day indicating a cool-off in the selling activity. Nifty 50 stocks A/D ratio too improved at 1:1.5. Yesterday’s last hour rally is indicative of a loss of downside momentum in the immediate short-term which is likely to result into a sustained pullback rally towards 5935 in the coming sessions. On the other hand, the overall price and momentum setup points lower towards a test of the 200SDMA at 5600.
§ Trend among sectors was mixed as the Realty shares took another beating from the market, followed by profit taking in IT and Oil & Gas shares. Bargains in banking shares led to outperformance in the market, along with Auto shares that recovered from the lows. Immediate short-term trend has reversed for the CNXBANK with a buy signal in the stochastics that can offer a rally upto 11675. Bullish Setups: TPWR, IH, BOI, DABUR, JSTL, HPCL Bearish Setups: MM, MSIL, ACEM, UT, VJYBK, ONGC, HDFC
§ Western equity indices traded positively for yet another day indicating underline strength there. Continue to maintain our bullish outlook on NKY for a target of 11,330. Gold continues to hover around $1375 after having declined from multiple tops at $1425. On a break of the $1350-$1425 range will trigger a decisive move for the previous metal. Crude Oil has regained the $91 mark with a bullish trigger in momentum oscillators pointing to an upmove towards $97-$100.
§ Interesting chart setups: TPWR, SESA, MSIL, MM, UT
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